EU wheat imports surge
Wheat has gained considerably as France and Black Sea countries won bids in Algeria’s tender over 550,000-580,000 mt. Prices ranged at USD 266/mt C&F. Another issue is that a cargo ship operating under a Liberian flag was hit by a rocket, possibly from Russia, in the Black Sea corridor on route to the port of Odesa. Rain is also impacting winter wheat sowing in France, which is lagging 10% behind the five-year average at 62%.
Although the supply glut from Russia is still adding pressure to the European market, which will be t